Everything But The Kitchen Sink: How Home Insurance Covers More Than You Think

An earthquake shook the country just days ago – causing over 10 million pounds of damage according to the Association of British Insurers (ABI). And what with the global terror threat ever present, more people are taking holidays just to get some much-needed relaxation time. You may not realise it, but having a good home insurance policy can cover you in all the above eventualities. They’ll be discussed in greater detail below.
With regards to the earthquake incident, the more sceptical will surely raise an eyebrow when questioned as to if their insurance policies will cover for them for such an eventuality. “Surely there’ll be some get-out clause!” the unbelievers cry. Not so. The ABI has confirmed the vast majority of policies will cover not only structural damage to the property, but will also pay for alternative accommodation should you need to move out of your home. Bear in mind the policy limit – there almost certainly won’t be a week in the Ritz on the cards – but up to a point you will be able to stay in a hotel for (minus your excess) free.
Make sure you have detailed and date-marked photographs at hand, as making a claim this big is fraught with difficulty and requires a substantial armoury of evidence. The tremor has hopefully hammered home to British people that it’s not just those on the Pacific “rim of fire” that are affected by the threat of quakes, and has reinforced the case for a comprehensive home insurance policy.
In terms of flood risk, the potential claimant needn’t be worried either. A government report has stated that over 1 billion pounds was paid out after the 2007 flooding, with the effect that 75% of those displaced by the floods will be returning to their homes by Easter. For those worried about buying a home in a flood-risk area, they should really be badgering their local government rather than their insurance company. Director general of the ABI Stephen Haddrill said: “Insurers want to continue to provide flood cover as standard to as many customers as possible. The statement can only continue if the government commits to addressing the lessons of last summer fully.”
In terms of holidaymakers, there is new evidence that their home contents insurance almost definitely covers them for items lost, damaged or stolen anywhere in the world. The standard contents insurance covers everything from cameras, bags and electronic valuables to personal effects. Be advised to check your policy carefully, but for the most part it seems to be the case. Why waste money on extra forms of insurance? A good home insurance policy should cover you for every eventuality – be it home or abroad.

Proposed And Real Plan By LIC Of India

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This plan appears to be skilled insurance plan from LIC of India . It contains the features of customary plan and the flexibility of the unit joined plans. Jeevan Saral offers higher insurance cover, fast returns, and some form of fluidity. This plan is more accurate for employees especially for those who are seeking life insurance through a saving salary scheme. Jeevan Saral is a monthly periodical life insurance plan by LIC of India where you get 250 times the monthly premium plus loyalty additions. Under this plan you are free to choose the premium you want to pay. Once you choose the premium, insurance cover is derived from it for your benefit.
Salient features of Jeevan Saral are:
1. During the policy term if the death of the policyholder occurs, an amount close to the term assurance sum assured is collectable.
2. After payment of premium for three years extended risk cover is available for one year.
3. You can do any number of partial withdrawals through partial surrendering.
4. At some low premiums low risk is available.
5.Jeevan Saral is the first policy which offers 250 times of primary monthly premium with premium return plus additional loyalty, children who are between age 1 to 12 years are desirable.
Benefits of Jeevan Saral:
Benefit in case of death: 250 times the monthly premium together with fidelity additions, if any, and return of premiums leaving out first year premiums and extra/rider premium, if any, is payable in lump sum on death of the life assured during the policy term.
Maturity Benefit: The value at the end of the term is the sum assured and the loyalty additions . Also there are additional benefits which can be used by paying excess premium. Jeevan Saral provides 250 times the monthly premium in case of unexpected death of the policy holder, which is one of the highest in the industry.
Surrender Value: your policy can be surrendered after a minimum three years premiums have been paid. Surrender Value will be more than Guaranteed Surrender Value
Guaranteed Surrender Value: Guaranteed Surrender Value will be equal to 30% of the total premiums paid (excluding the 1st year premium plus all the extra premiums.
Paid up Value: Jeevan Saral will acquire paid-up value if at least three years premium have been paid.

Eligibility and conditions:
Age at entry:
Minimum age for entry 12 years (accomplished) and maximum 60 years to your nearest birthday.
Age at maturity:
Supreme age 70 years.
All terms from 10-35 years.
Minimum Rs.250/- per month for entry up to 49 years and Rs.400/- per month for entry age 50 years and above. The premium shall be in multiple of Rs.50 per month.
Jeevan Saral protects more like a continual deposit, this policy has more benefits like insurance and loyalty additions as well as unique death benefits and letting you choose the returns by choosing the premium payment option which no other policies or continual deposits offer. In this policy premiums almost decide the returns.

Protect Against the Risk of Flooding

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All houses are potentially at risk of flooding, but those houses closest to a river or lake are especially at risk of being caught up in the flow of heavy water.
If your house is damaged by a flood, you should only re-enter it when you’re sure it is safe. Do not enter the building unless you are sure there is no structural damage. A flood can make the structure of your house unsafe, and there is a risk of collapse if you go inside. If you’re not sure, ask an expert to check your house for structural damage after a flood: you should assume that all floors, stairs and the roof are unsafe until they are inspected by a professional.
If your house is structurally safe enough to enter, you should take some safety precautions as soon as you go into the property. Turn off the water and electricity supply. You should only touch electrical goods when the power is off and you should not use anything electrical until is has been checked by a qualified electrician. You should also be aware of the smell of gas which could indicate a gas leak. If you start to feel any shifting or hear unusual noises, you should leave the house immediately to avoid the structure collapsing. Flood waters are also very often contaminated, so it can sometimes be unsafe to be in contact with the water without protective clothing.
As well as taking these safety points into consideration, you will need to contact your home insurance provider as soon as possible after the flood. Collect as many details as you can and take photographs of the damage to have an accurate record.
Your home insurance will usually cover any loss or damage to your house or family’s belongings. Be aware that not everything in your home is covered: your provider may not cover damage caused to gates, hedges, fences, drives or pathways, and your radio and TV aerials or satellite dishes may also not be covered.
If a flood damages your home, it can be a stressful and emotionally upsetting time for the family. By taking out quality home insurance, you can be sure your home and your family’s belongings are financially protected against damage or loss.

Flooding Limits Will Help Insurance

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The Association of British Insurers (ABI) is warning home owners, who live in areas that are at more risk of flooding, that their properties may not be covered by home insurance policies, unless the Government, intervene and create measures that will limit floods and thus their damaging affects.
According to the ABI, there are 517,000 homes at significant risk of being flooded. The floods of last summer, cost the ABI’s members £3 billion in claims. Furthermore, nearly 5,000 homeowners are still living in temporary accommodation, following last year’s floods, according to the Government. Of these people, it is estimated that at least one in eight households do not have insurance.
Nearly 50,000 properties were affected by the floods from last June and July, with Gloucestershire, Worcestershire, Oxfordshire, Berkshire and South Wales being the worst hit.
Speaking at a One Year On conference today, Nick Starling, ABI’s Director of General Insurance and Health, said: “The Government must take steps to identify and better manage the threat of flooding if cover is to remain widely available.
“Flood cover has been standard for household insurance for almost 50 years and is provided on the belief that floods will not occur more than once in every 75 years, or that adequate defences are planned within the next 5 years if the flood risk is higher.
However, last summer’s floods, which were the worst ever recorded, produced 4 years’ worth of claims in only 2 months.
Mr Starling added: “A sense of urgency in dealing with flooding is required.
Research by the ABI has revealed that 75 per cent of Britons believe that not enough action is being taken to prevent similar catastrophes while 98 per cent believe drainage should be at the top of the list in order to reduce the flood risk.”
Half of the insurance claims made last year, were related to flood claims from the victims affected. Claims were made because of damage caused by water coming up through drains. The floods last year revealed that many drainage systems are inadequate to deal with prolonged rain.
In response to the ABI’s findings, Phil Woolas, Environment Minister, said: “It was unfair to suggest that nothing had changed as since last year’s floods. The Environment Agency and local authorities have undertaken a lot of work to put in place flood defence programmes.
Mr Woolas concluded: “Both the agency and councils are using their powers to restrict building on flood plains.”
Commenting on the ABI’s calls for more action to reduce flooding, Andy Leadbetter, head of home insurance at price comparison site moneysupermarket.com, said: “The report out today is another call for the Government to step up its efforts to reduce flood risk and this time the ABI is acting as town crier. It has been one full year since floods hit Britain and homeowners are already finding it difficult to find affordable and competitive insurance cover, especially if they have made a claim for flooding.
“DEFRA announced yesterday the Environment Agency will be responsible for all forms of flood risk management throughout the country. However, adequate funding to increase flood defences in high risk areas is essential, as without this insurers will have no choice but to hike premiums for vulnerable homeowners or even simply just wash their hands of them and stop insuring these areas altogether.”

5 Important Steps to Get Health Insurance Virginia

Before finalizing any contract or policy with any insurance company, it is important to know how to start selecting the most suitable health insurance in Virginia. Buying a medical insurance policy requires important measures and considerations at the consumer’s part, and taking time to learn how to buy health insurance in Virginia is surely going to pay in the long run.
To make sure that the consumer gets the best coverage, it is important to learn some tips about buying medical insurance in Virginia. Let’s have a look at them:
1. Get quotes
To analyze what type of medical plans are available and how much budget needs to be spent in order to get a required level of coverage, the consumers should ask for health insurance quotes from various insurance companies. In fact, there are platforms that can provide health insurance quotes from various companies with minimal amount of personal information required. Getting health insurance quotes is easy and does not obligate the consumer to buy a health insurance policy.
2. Talking to an agent
Once the consumers get an idea or overview of the available health insurance plan, talking to an agent or a broker makes sense. Once again, consumers are not obligated to buy any particular health insurance policy. They should contact an independent health insurance agent, who represents the major carriers in Virginia, and discuss the options. It is not necessary that consumers should buy from the very first agent they meet in Virginia. There is nothing bad in trying multiple agents itself depending upon the time and availability that a consumer has.
3. Discuss
Consumers buying family health insurance or buying a health insurance policy the very first time should discuss and talk to their family members. Medical conditions, level of coverage, affordable budget and related issues should be discussed in detail to get maximum optimization of the health insurance plan.
4. Apply for the best plan
Once the discussion and talking has been done, the application procedure should be started with the chosen plan. With online technology available, it is easier to apply for a health insurance policy in Virginia. The agents don’t need to come to house to take your application-phone and email can serve the purpose very amply.
5. Wait for the review process
Before an insurance company offers insurance, it reviews the application. Depending on the situation and to which company an application has been submitted, the review process could be 24 hours or more than 24 days. Once done, the company will notify the consumer about the date from which the coverage will become effective.
It is not easy to follow the steps because they read simple but are pretty difficult when executed practically due to time and planning the consumers need to do. But buying health insurance is not a casual activity or a sundry purchase. It requires attention and careful selection to make sure that the product is effective and beneficial.

Save On Car Insurance Combine Homeowners And Auto Policies

“Why are my insurance bills so high?”
It might come as a surprise, but the primary reason people pay too much for insurance products is because they fail to shop around. People are busy these days and advertised offers are many. It’s tempting to think you can just “grab” a product off the shelf. And you can…there’s just no guarantee that it will be the best fit for your situation. You may have just purchased more than you need, not enough to cover your assets, or paid a higher price than was necessary.
Another common reason people pay too much is that they don’t realize themselves how to take advantage of the available discounts and without a knowledgeable, can’t discover them. For instance, did you know that combining your homeowner’s and auto policies under the same “roof” can result in a discount of 10-20% on your premiums?
Taking the time to comparison shop is crucial if you are trying to get the best price. The main issue is that the average Joe off the street doesn’t have access to multiple insurance companies. He’s not aware of the various laws that affect what coverage he needs. He doesn’t understand how to bundle services, nor does he have access to the software systems that allow for quick cross-comparisons. So who does?
Use an independent insurance agent to help you get the best coverage, at the best price.
[*]An agent will know the law better than you do. State laws typically say that as a driver, you must have insurance. If you or anyone, for whom you’re responsible for, seriously injures another person, you can be held liable for the injured person’s medical expenses, rehabilitative therapy, and long term nursing care, as well as for his or her lost earnings. There is a plethora of different coverage options to choose from, some required and some not.
[*]An agent can educate you on the best car to drive for the best rates, the steps you can take to better protect your home, and how to get exactly the kind of coverage you need. Face it: most of us have better things to do than keep on top of this stuff. We’re behind the curve and as a result, not in a great position to make the most informed decisions on how to protect our loved ones and valuables.
[*]An agent knows the insider secrets and tricks of the trade. Every industry has them and the insurance field is no different. They have their own rating system for vehicles, risk factors, and rates. This is not usually common knowledge to the people on the street. If you want to take advantage of the benefits, you have to work with someone in the “know”.
[*]An agent will have access to the tools necessary to get the best insurance quote. With today’s highly automated systems, it’s not as if there are hardbound volumes stacked on the desk anymore. But it still takes someone with knowledge and ability of how this works to find the best company, coverage options, and prices for your specific situation. Even if you are using an online quoting system, it’s beneficial to get on the phone with an actual representative for a few minutes and let them help you customize the fit.
Don’t pay more for car insurance than is necessary. You do have options and people available to help. An experienced, independent insurance agent is your advocate and representative; they are also a huge time and money saver! Illinois Insurance Center is one of the Midwest’s fastest growing and most progressive insurance agencies. We are a full service agency, representing many different carriers, providing all lines of insurance for your personal and business needs. We do the comparisons for you! To get more information or to speak with an agent, visit www.illins.com or call 1 708 524 8757.

Medicaid Eligibility in Long Term Care

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Costs of long term care nowadays have increased gradually and many people are beginning to express great concern when talking about the issue. Particularly for individuals with average earnings, long term care has become more of a privilege – a privilege only people with great resources can afford.
The rising costs of long term care have affected a lot of Americans which led them to seek assistance from state-funded programs such as Medicaid. However, there is a set of requirements a person needs to meet to be able to qualify for Medicaid eligibility. And to be able to qualify, in most cases, the person is obliged to exhaust all of his assets before Medicaid starts paying for the costs of care.
Medicaid begins paying for long term care when a person no longer has the resources to pay for his own bills. To determine if an individual is qualified, Medicaid looks at assets, starting from funds in the bank up to other assets like a car and a house. An individual is also eligible if assets fall below $1,500 and his monthly income is less than his nursing home bill. The difference between the income and actual bill is paid by Medicaid.
Once found eligible, coverage may start retroactive to any or all of the three months prior to application. If the individual’s state changed over time, coverage ends. In some states, there is additional ‘state-only’ program for those individuals with limited income and need medical assistance who do not qualify for Medicaid. The following are examples of individuals who are eligible for Medicaid:
Pregnant Women
If you are pregnant, you are eligible for Medicaid assistance. Whether you are single or married, you and your child are covered under the program.
Children and Adolescents
A child is eligible if he or she is a legal U.S. citizen or a lawfully admitted immigrant. The eligibility for children is determined on the status of the child and not of his or her parents. If your family income is limited, you can apply for Medicaid assistance if you are a parent or a guardian of a child age 18 and below. For teenagers, Medicaid assistance is also offered and other states provide coverage for children up to age 21.
Specific Group of Individuals: Blind, Aged, and Disabled
If you are blind, aged, or disabled, 65 years old and older with very limited income and resources, you can apply for Medicaid. Those who are terminally ill and require hospice services can also apply.
However, Medicaid does not provide coverage for all individuals with limited income or resources, if you’d like to know more on what is covered and not, try visiting the nearest Medicaid department in your community. This way, you can ask questions and clarify the requirements needed to become eligible.
There will definitely come a time when a person needs long term care, therefore, make to have a long term care plan the soonest time possible. Pick the most appropriate long term care policy as well.
There will definitely come a time when a person needs long term care, therefore, make to have a long term care plan the soonest time possible. Pick the most appropriate long term care policy as well.

Why You Ought To Get Your Modified Vehicle Insurance

You will find 2 kinds of vehicle owners. The initial 1 is really a automobile owner who chooses and gets a auto on the basis of a vehicle’s functionality. The second car owner chooses and gets a automobile that he can customize and show on the streets.
For vehicle owners with customized cars, getting an automobile insurance that’s simple inside the pockets could be just a little harder. Most auto insurance firms give high rates for customized cars due to the fact for them, customized cars are high risks. Some do not even desire to insure a personalized auto.
If you are planning to customize your automobile, here are some issues that you might have to think about before doing so.
It is usually wiser to ask first before doing anything to your automobile. Speak to your insurance provider and get if they will insure your customized vehicle. You might get 2 answers. First, you might come across out that the insurance provider suits customized vehicles but in a higher price, or that the insurance business does not focus on customized cars. Whatever answer you get, you’ll end up rethinking about customizing your car.
If you’re prepared to purchase the larger insurance cost just so you’ll be able to modify your vehicle, then you won’t have difficulties. You need to be sure to recognize your custom automobile policy. Prepare an endorsement proclaiming that you want to extend your collision and comprehensive coverage for your car’s customized parts and equipment.
Check out the quantity covered beneath your endorsement. This value may possibly differ from various car insurance providers. The ideal worth of your covered price must be higher, otherwise equal, towards the cost of the custom parts of your car. Most insurance businesses would only cover the actual worth of your custom part and never pay for how much it’ll price you for replacements.
In case your auto insurance provider can’t accommodate the amount that you would like, then it may be far better that you should shop around and look for an insurance business that can provide you with a greater deal.
Keep Secure
Most vehicle owners who wish to customize their vehicles do so by themselves. When customizing your automobile, constantly be positive to stay on the safe side. Do not install your brand-new parts by your self. Hire an expert to do this for you. Though this may well mean added price on you, additionally , it means that your brand-new parts happen to be safely installed. In case you put those customized parts by yourself, you might not install it correctly and risk acquiring into an accident. When this happens, your insurance policy would significantly be affected.
Customizing your automobile would already improve your auto insurance premium, don’t allow it to be any higher by getting into any sort of accident. A customized car and road accidents do not sit well with insurance providers. Should you have both, your auto insurance business may not desire to renew your insurance anymore along with other providers may possibly not wish to have your vehicle insured to their organization.
Big boys, fast cars and auto insurance, this is a mix that every car insurance firm attempts to steer clear of. When likely to customize your vehicle, be certain to make contact with insurance companies and tell them of the plans. You don’t wish to be about the losing end and come across out that the modifications are not included in your insurance firm.

Home Security for Your Later Years

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Old age brings with it a whole new set of problems. Life dies become tough once you cross over to the other side of sixty. There are the post-retirement blues that you have to deal with. There are the unpleasant feelings of being dependent on others for even the littlest matters. It is at this time that one’s robust health also begins to give way. One may also start feeling useless and troublesome, and many end up being treated like second class citizens.
Of course, not everything about old age is negatively charged. This is the time when grandchildren drop into our lives, and one is able to lavish them with affection in a way that was not possible in the case of one’s own children. Retirement also means freedom from the incessant deadlines and work pressure that made us feel stressed out as long as we were working. At the same time, one cannot forget about the insecurities of old age. Thus, one must make the effort to see to it that one’s later years are comfortable and secure.
How does one ensure such a thing? There are quite a few simple ways to do this. One could invest in a retirement scheme while one is still young. This would provide us with adequate money in our later years. However, even if the passing years have caught us unprepared, we can take steps to ensure our own security. One way of doing this would be by securing an affordable home insurance policy. Our homes are our havens at the best and worst of times. In times of trouble, we can at least take refuge in the comfort of our homes and feel secure about our lives. This security would vanish into thin air, however, if our homes were to be burgled or ravished by fire. Life is uncertain, and one can never be prepared for the worst of occurrences. Troubles come by and surprise us, and old people have more trouble than others in chasing these troubles away.
Thus, home insurance is a wise and prudent move. It protects you and your house against a variety of problems. Moreover, senior citizens can get a number of benefits when it comes to home insurance. Insurance companies are eager to win over more clients. As a result, they try to target a number of key groups. Elderly people are among these groups. So if you fall into this bracket, make sure that you avail of insurance policies that will take your age into consideration. You might have access to quite a few great deals.

Which Life Insurance Is Best For Me?

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Why buy life insurance?
Many financial experts consider life insurance to be the cornerstone of sound financial planning. It is generally a cost-effective way to provide for your loved ones after you are gone. It can be an important tool in the following ways:
1. Income replacement
For most people, their key economic asset is their ability to earn a living. If you have dependents, then you need to consider what would happen to them if they no longer have your income to rely on. Proceeds from a life insurance policy can help supplement retirement income. This can be especially useful if the benefits of your surviving spouse or domestic partner will be reduced after your death.
2. Pay outstanding debts and long-term obligations
Consider life insurance so that your loved ones have the money to offset burial costs, credit card debts and medical expenses not covered by health insurance. In addition, life insurance can be used to pay off the mortgage, supplement \retirement savings and help pay college tuition.
3. Estate planning
The proceeds of a life insurance policy can be structured to pay estate taxes so that your heirs will not have to liquidate other assets.
4. Charitable contributions
If you have a favorite charity, you can designate some of the proceeds from your life insurance to go to this organization.
How much life insurance do I need?
To decide how much life insurance to buy, you need to first figure out what your goals are in purchasing this coverage. Ask yourself the following:
– Do I want to spare my loved ones funeral costs and outstanding debts?
– Am I concerned that my spouse or domestic partner will not be able to continue to pay off the mortgage if I die suddenly?
– Do I have dependents who count on my income?
– Am I concerned about college savings for my children or retirement savings for my spouse if I die suddenly?
While all situations are different, here are two scenarios to help you think through the questions you should pose to your insurance professional:
If you have children, a spouse who does not work outside the home or aging parents who you financially support, you have dependents. Alternatively, you may simply have a spouse or domestic partner who would be unable to pay the mortgage without your financial contribution. In either case, your loved ones will no longer have your income to help them pay the bills and maintain their lifestyle after you are gone. You will have to purchase enough insurance to provide for their future, while considering how much of your budget should be devoted to life insurance.
Some insurance experts suggest that you purchase five to eight times your current income. While this may be a good way to begin estimating your family’s needs, you will also need to figure how much your dependents will need to pay for some or all the following:
– Cost of owning a home (mortgage, maintenance, insurance, taxes and utilities)
– College savings
– Food, clothing, utilities
– Child care
– Nursing home or elder care
– Retirement savings
– Funeral expenses and estate taxes
Your family may also need extra money to make some changes after you die. They may want to relocate or your spouse may need to go back to school to be in a better position to help support the family.
No dependents
If you are young and plan to have a family in the future, you may also want to consider purchasing life insurance now so that you can lock in a good rate.
Just because you don’t have dependents, does not mean you don’t have responsibilities. For instance, you may be concerned with not being an economic burden to others if you die unexpectedly. You may also want to leave some money behind to close family, friends or a special charity as a remembrance. In this case, you should purchase enough coverage to pay funeral and burial expenses, outstanding debts and tax liabilities, so that the bulk of your estate goes to your family, friends or charities.
Your insurance needs will vary greatly according to your financial assets and liabilities, income potential and level of expenses.
Types of Life Insurance Policies:
Term Insurance
Term Insurance is the simplest form of life insurance. It provides financial protection for a specific time, usually from one to 30 years. These policies are relatively inexpensive and are well suited for goals, such as insurance protection during the child-raising years or while paying off a mortgage. They provide a death benefit, but do not offer cash savings.
Purchasing term insurance is like renting a home. It is a short-term solution. Monthly costs are usually lower, but you will not be building equity. Just as many people rent (while saving to buy a home), individuals who need insurance protection now, but have limited resources, may purchase term coverage and then switch to permanent protection. Others may view term insurance as a cost-effective way to protect their family and still have money to put into other investments.
Tip: Buy term insurance if you are looking for the least expensive way to protect your family during your peak earning years (i.e. until the children are grown, and the Mortgage on the home is paid off).
ROP Term (Return of Premium) Insurance
ROP (Return of Premium) Term is term insurance with a twist. At the end of the term of the insurance policy you will receive back 100% of the premiums that you paid throughout the term of the policy. This hybrid, has recently become popular, and costs more than pure term, but less than whole life.
Tip: When buying ROP term insurance, keep in mind that the return of your payments that you will get back at the end of the ROP term, will be highly depreciated due to inflation. But if your budget permits paying the higher premium over pure term, it may still be a better alternative for you.
Whole Life or Permanent Insurance
Permanent insurance (such as universal life, variable universal life and whole life) provides long-term financial protection. These policies include both a death benefit and, in some cases, cash savings. Because of the savings element, premiums tend to be higher. This type of insurance is good for long-range financial goals.
Purchasing permanent insurance is like buying a home instead of renting. You are taking care of long-term housing needs with a long-term solution. Your monthly costs may be higher than if you rent, but your payments will build equity over time. If you purchase permanent insurance, your premiums will pay a death benefit and may also build cash value that can be accessed in the future.
Another advantage of certain whole life policies is that before you purchase the policy, you will know what your cash value accumulation will be, at a specific time in the future. This is called Guaranteed Whole life, and it is a great advantage for those who want, or need a specific accumulation at a specific time in the future. This makes Whole life insurance a great financial planning and estate planning vehicle.
Tip: Whole life is ideal for those with above average and steady income, and accumulated wealth who can benefit from the proceeds of the policy upon their death, helping their heirs to pay off any outstanding debts or estate taxes (if applicable), without having to liquidate any existing assets to pay off taxes, debts, or estate settlement charges.
How often should I review my policy?
You should review all of your insurance needs at least once a year. If you have a major life change, you should contact your insurance agent or company representative. The change in your life may have a significant impact on your insurance needs. Life changes may include:
– Marriage or divorce
– A child or grandchild who is born or adopted
– Significant changes in your health or that of your spouse/domestic partner
– Taking on the financial responsibility of an aging parent
– Purchasing a new home
– Refinancing your home
– Coming into an inheritance
I hope this article has been helpful to you.